Key Metrics
- Total Revenue: $14,460 million (3.8% yoy)
- Immunology:
- Total Revenues: >$7 billion (4.8% yoy)
- Humira: $2,227 million (-36.5% yoy)
- Skyrizi: $3,205 million (51.5% yoy)
- Rinvoq: $1,614 million (47.4% yoy)
- Oncology:
- Total Revenues: ~$1.7 billion
- Imbruvica: $828 million (-8.8% yoy)
- Venclexta: $677 million (18.2% yoy)
- Aesthetics:
- Total Revenues: >$1.2 billion (1.8% yoy)
- Botox Cosmetic: $671 million (6.5% yoy)
- Neuroscience:
- Total Revenues: >$2.3 billion (16% yoy)
- Vraylar: $875 million (16.6% yoy)
- Botox Therapeutic: $848 million (13.4% yoy)
- SG&A: $4,205 million
- R&D: $2,130 million
- Adjusted Operating Margin: 46.7% of sales
Forward guidance
- Revenue Guidance: Full-year revenue guidance increased by $500 million to approximately $56 billion.
- Adjusted EPS Guidance: Adjusted EPS guidance raised by $0.15, now expected to be between $10.90 and $10.94.
- Skyrizi Sales Projection: Global sales for Skyrizi projected at $11.5 billion, an increase of $500 million.
- Rinvoq Sales Projection: Total revenue for Rinvoq expected to be $5.8 billion, an increase of $100 million.
- Humira Sales Projection: U.S. Humira total sales expected to be $7.4 billion, a decrease of $400 million.
- Fourth Quarter Revenue Expectation: Anticipated net revenues for Q4 approaching $14.8 billion.
- Adjusted Operating Margin: Forecasted adjusted operating margin ratio of approximately 44.5% of sales.
Key takeaways
- Positives:
- AbbVie reported strong performance with a $260 million sales overachievement, driven by an 18% growth in the ex-Humira platform, particularly from Skyrizi and Rinvoq, which are expected to exceed $17 billion in combined sales this year. CEO Rob Michael stated, "We see substantial opportunity for continued strong growth well into the next decade."
- The acquisition of Cerevel Therapeutics is expected to enhance AbbVie's neuroscience pipeline, with positive Phase 3 results for tavapadon in Parkinson’s disease. Michael noted, "The integration has been seamless and we are excited to have the talented Cerevel team join our organization."
- AbbVie raised its full-year revenue guidance by $500 million, reflecting confidence in sustained growth across its portfolio, with adjusted EPS guidance also increased by $0.15.
- Skyrizi's market share in psoriatic disease is strong, capturing nearly 50% of in-play biologic patients in the U.S., with Jeff Stewart emphasizing, "We see substantial room for further total share growth."
- Negatives:
- Humira sales declined by 36.5% due to biosimilar competition, with Michael acknowledging, "We are now seeing more Humira molecule volume moving to other novel mechanisms than previously anticipated."
- The aesthetics segment faced challenges, particularly with Juvederm, which was impacted by economic conditions in China, leading to a moderated sales outlook. Strom mentioned, "The overall filler market was roughly flat to the prior year."
- Competitive pressures in oncology were noted, with Imbruvica's sales down 8.8%, reflecting ongoing challenges in the CLL market.
Peer Summary
- Immunology Sector: Johnson & Johnson's innovative medicine segment reported over $14 billion in sales, with 11 brands growing double-digits, indicating strong demand and effective positioning. In contrast, AbbVie noted a significant decline in Humira sales due to biosimilar competition, with CEO Michael stating, "We are now seeing more Humira molecule volume moving to other novel mechanisms than previously anticipated."
- Oncology Market: Merck's KEYTRUDA saw a 21% sales increase, driven by earlier-stage cancer uptake, while AbbVie faced competitive pressures with Imbruvica's sales down 8.8%. This highlights a divergence in growth trajectories within the oncology space.
- Neuroscience: Biogen reported a 66% revenue increase for LEQEMBI globally, contrasting with AbbVie's challenges in expanding its prescriber base for similar products, as noted by Viehbacher, "the prescriber base is not expanded to the extent that we had anticipated."
- Aesthetics: Johnson & Johnson's MedTech segment faced headwinds in Asia, particularly in China, with Wolk stating, "we are taking a responsibly conservative approach," reflecting broader economic challenges impacting aesthetics, similar to AbbVie's moderated outlook for Juvederm.
